Appen Ltd
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Appen to slash costs, close North American offices in wake of Google deal termination
Struggling Australian data services company Appen (ASX: APX) has introduced US$13.5 million in cost-cutting initiatives to offset the loss last month of a US$82.8m contract with Google. The initiatives represent direct and indirect costs associated with the delivery of Google projects and include a closure of the company’s North American offices in Toronto and Bellevue. […]
Downer CFO quits, CBA and NAB raise rates ahead of RBA decision and Aussie Broadband celebrates record half year
Downer EDI’s (ASX: DOW) Michael Ferguson is the latest head to roll following the company’s historical revenue misreporting scandal and a “very challenging” half year (H1 FY2023) performance. Mr Ferguson revealed he had resigned from the chief financial officer position on Wednesday and would assist the company with his replacement’s transition over the next six […]
Coles pledges $10m to preserving Great Barrier Reef, Appen deal with Telus falls through and Boral confirms job cuts
Coles (ASX: COL) has pledged $10 million towards the development of blue carbon projects at the Great Barrier Reef off Queensland in an effort to preserve the reef and appeal to ethically minded consumers. The significant investment from the retail giant towards an iconic Australian landmark incorporates investing $10 million over the next decade, capturing […]
WAAAXing and waning tech valuations show danger of treating sector as an amorphous lump
The founder of one of the ASX’s most unusual tech companies is scathing about the business model of tech stocks with billion dollar-plus valuations, with the current climate redolent of the dot-com era. “I find it hard to understand why companies stampede into these businesses,” says David Dicker, founder, chief executive officer and chairman of […]